The bank reported standalone net profit during the quarter stood at Rs 123.88 crore compared to net loss of Rs 883.17 crore in the previous year quarter. Interest income of the bank rose by 14.90 per cent at Rs 2439.90 crore for the quarter ended September 30, 2019 as against Rs 2123.42 crore in the corresponding period last year. During the July-September quarter, total income rose moderately by 15.89 per cent to Rs 3,013.74 crore from Rs 2,600.47 crore in the year ago period. Meanwhile, operating expenses increased by 0.88 per cent to Rs 2,415.17 crore from Rs 2,394.10 crore in the same period last year. Operating profit surged 190.05 per cent to Rs 598.57 crore from Rs. 206.37 crore. Provisions and Contingencies slipped by 70.54 per cent at Rs 436.42 crore from Rs 1,481.24 crore a year ago.
NII, the difference between interest earned on loans and interest paid on deposits, increased by 74.60 per cent at Rs 772.78 crore versus Rs 442.60 crore in the year ago period. Non-interest income rose 20.29 per cent year-on-year to Rs 573.84 crore. On the asset side, gross non- performing assets (NPAs) fell to 15.51 per cent of the gross advances as at the end of September 30, 2019 from a level of 22.69 per cent year earlier. Its net NPAs or bad loans too declined to 7.88 per cent of net advances on September 30, 2019 from 14.36 per cent a year ago.